When different shopping peak periods approach, manufacturers and retailers around the world do their best to prepare new seasonal inventory. But how do you know how much is the right amount? Overstocking often forces you to heavily mark down your items in order to make room for more popular items. Conversely, you do not want to run out of hot seasonal items and have your customers look to your competitors.
Accurate forecasting helps determine the right inventory levels to meet demand. It provides retailers and manufacturers with the information they need to plan for new product launches and manage seasonal fluctuations in sales. SAP Business One, powered by SAP HANA, delivers powerful data and analytics proven to help growing companies analyse massive amounts of data in real-time. With advanced data analytics, your company can simplify inventory forecasting for seasonal items through:
- Predictive Analytics
View detailed information on stock movements, order numbers, and resource movement during previous months, quarters, seasons, and years so that you can effectively plan for the future.
- Availability Checks
See what inventory and raw materials you currently have on hand so that you can determine how much additional stock to order and determine your inventory timeline.
- Cost Calculations
Determine cost history and how much you are paying for your current inventory to budget for your next season.
- Automated Controls
Create automated controls for item replenishment so that you do not run out of stock of popular items or set inventory alerts that allow you to see real-time views of item movement.
- Advanced Dashboards and Reports
Monitor which items are moving slowly so that you do not over stock, and which items you need to order more of for the future. Predictive reports also provide the ability to see if there are any abnormalities or trends that you can keep in mind for the future.
For more information on how SAP Business One powered by SAP HANA can help your company save time and money so that you can make faster, more informed inventory forecasting decisions, visit our HANA Speed & Analytics product page. If you have any additional questions, contact us at email@example.com to talk to one of Vision33’s SAP Business One experts.